Tax receipts fell 17,170 crore short of the goal

The Bangladesh Trade and Tariff Commission (BTTC) has recommended reducing import taxes on sunflower and canola oil to diversify cooking oil options in the market.

The National Board of Revenue (NBR) has cut import taxes on dates from 64% to 39%, aiming to stabilize prices during Ramadan. As per the notification on 21 November 2024, the revised tax structure lowers customs duty to 15% (from 25%) and advanced income tax to 3% (from 10%), resulting in a total reduction of 25%.

The National Board of Revenue (NBR) reduced the value-added tax (VAT) on soybean oil imports from 10% to 5% effective until December 15, as stated in a circular on November 20. This measure aims to stabilize edible oil prices in the local market. Previously, on October 17, the NBR had granted a 15% tax exemption on local production and a 5% exemption on the supply of refined and unrefined soybean and palm oil.

Bangladesh is losing $355 million in tax annually due to corporate profit shifting and tax abuses by wealthy individuals, according to the State of Tax Justice 2024 report published on November 19. Of the total, $335.9 million is lost through profit shifting by multinational corporations, which moved $1.3 billion out of the country—equivalent to 0.1% of Bangladesh's $460 billion economy.

The Large Taxpayers Unit (LTU) recorded a 12.14% rise in revenue collection during July-September of FY2024-25 compared to the same period in FY24, reaching Tk 63.01 billion. This growth contrasts with a 6.07% decline in overall tax collection by the National Board of Revenue (NBR). Strong monitoring and proactive measures by the LTU, such as one-on-one meetings with 100 corporate taxpayers, ensured compliance.